You can go as low as 2.5x in some cases but NJ tends to produce enough traffic/applicants where 3x should be minimum unless property is over priced.

Success:  Signing a deal with First WatchFailure: Bought a retail condo, not realizing the low ceilings were such a deal breaker for a lot of tenants.Pain: A lot of turnover this year, especially in light industrialAha moment:  Mortgage note investing needs to be a larger part of my portfolio2025 Goals: Less Investing and more pickleball!

People that are good at branding and review designation can bury those low reviews and I wouldn't want to own someone's reviews but I am not your audience as far as a projected buyer as we purchased ours for a deal and they are both higher end beach stilt houses that are side by side and neither had been listed as a STR on any platform, we built it up with a direct book site and also use the platforms as well as the local website in the area to book. 

Looking to cash flow on low entry homes in some pretty nice neighborhoods close to where I grew up.

Quote from @Bonnie Low: Hey, Colin!

We are in a very low tax bracket this year but should be 10% higher in 2025.

my market is near the nation low in both evictions and delinquent rent even with very tenant friendly laws.  

Up north the gas company will install additional meters for a very low cost, usually hourly billed time for the work and possibly low cost equipment.

They keep rent low, give gifts and homemade cookies for Christmas, make upgrades whenever the tenant requests,  accept all the late rent excuses, etc.The truth is, your tenant is not your friend.

I feel like it's a space where great operators can really clean up, since the bar is set really low, in my experience at least.